Outrage of the Year: Wall Street’s Ultimate Subprime Betrayal

Two thousand and seven was marked by a series of scandals and betrayals on the part of those society has traditionally looked to for guidance and example.   We explored some of these in our Annual Year End Awards for 2007.  But among the privileged corporate leaders who stole from their shareholders, the gatekeepers who were blind to the risks inherent in dealing with a country noted for its lack of transparency and unaccountable governance, and the directors and regulators who slumbered while  the credit disaster was unfolding, a betrayal of an even higher order was permitted to slip by. (more…)